P1: Types of Entrepreneurial Ventures and typology of Entrepreneurship

Entrepreneurship and
Small Business

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1: Types of Entrepreneurial Ventures and typology of Entrepreneurship...........................1
P2.Similarities as well as Differences....................................................................................3
TASK 2............................................................................................................................................5
P3.Interpret and evaluate statistical data and how SMEs affect the economy. .....................5
P4.Importance of small businesses and business start-ups to the growth of the social economy.
................................................................................................................................................6
TASK 3............................................................................................................................................7
P5: Traits, Skills and characteristic of Successful Entrepreneurs..........................................7
P6: Aspects Of Entrepreneurial Personality ..........................................................................9
TASK 4..........................................................................................................................................10
P7: Background and Experience .........................................................................................10
CONCLUSION .............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneurship is a process where a person develop, launch, run and implement new
business ideas for generating business enterprise. Entrepreneur refers to an individual who set an
organisation and taking all the risk with a hope of making profit. Every entrepreneur start their
own business venture on a small scale in order to attract customers and achieve their goals
effectively. In today's era there are ample number of managers and leaders across the world who
analyse the need and requirements of customers and innovate something new to fulfil their
demands. Efficient and successful leader have the capability in order to use available resource in
best possible way. In the present context, it is very essential to examine relationship between
various typologies and entrepreneurship connected with it. In addition to this, various factors
which motivates manager and leaders of a company for accomplishing their goals and objectives.
TASK 1
P1: Types of Entrepreneurial Ventures and typology of Entrepreneurship
Entrepreneurship refers to a process where business entities are established by accepting
all the risk with a desire to make profit. On the other hand, entrepreneur is an individual who
take all the obligation to manage business functions. With the aim of earning more profits,
entrepreneur accepts risks included with it. Different type of Entrepreneurial Ventures are there
which is discussed below:
Scalable start-up enterprise Small Scale Enterprise
Large Scale Enterprise Social Enterprise
 Scalable start-up enterprise: Entrepreneur of such business entities mainly emphasis on
developing innovative as well as quality product to satisfy the needs and wants of
customers. It is an entrepreneurial venture where new ideas are developed by an
entrepreneur. For fulfilling the demands of customers, these entrepreneurs develop new
ideas and manufacture products which are not introduced by any of the other business
organisations. In addition to this, these entrepreneurs develop new idea only if there last
venture become successful.
1

 Small Scale Enterprise: It is the type of enterprise owned and managed by a sole
proprietor to fulfil the basic requirements of their family members. In such type of
ventures, only one or two members are involved, which commonly includes their family
members and relatives. Some of the most common examples are carpenters, grocery
stores, cyber cafes and many more.
 Large Scale Enterprise: It includes large scale organisations which perform various
operations at a single time. Such enterprises creates multiple job opportunities across the
world and have large infrastructure. These enterprises develop new ideas and attract large
number of peoples towards their company. Some of the common examples are Apple,
Samsung.
 Social Enterprise: Main aim of these enterprises is to satisfy the requirements of
customers rather than to maximise their revenue. In addition to this, these are the
enterprises which earn profit and utilise it to enhance the standard of living. Some of the
examples of these enterprise can be Hill Holt Wood, Cafédirect and many more.
All these enterprises perform their activities in business environment, which plays very
essential role in order to establish various typologies. These typologies largely affects the manner
in which an entrepreneur take decision. Some of the typologies are as follows:
Typologies of entrepreneurship ventures:
Topologies means segmenting things on the basis of their types. These segmentation are
based on form, style, structure and plan of the business. Typologies of entrepreneurial ventures
are as follows:
Typologies Meaning
Lifestyle Ventures It is a type of ventures which are
established in order to meet the income
satisfaction of an entrepreneur and not
for the growth and expansion. In
addition to this, these ventures are
operated in a single premises and have
constant employees in their
organisation. Example of such ventures
2